U.S. 'Ready' To Help Ukraine's Economy, Moscow Waiting

Senior U.S. officials say Washington is "ready" to help Ukraine rebuild its economy after after Ukraine’s parliament voted to oust President Viktor Yanukovych.

But Russian officials say they are waiting to see the composition of the next government before deciding whether Moscow will go forward with a bailout plan it had promised to Yanukovych.

Fears that Ukraine’s debt-laden economy is facing default have sparked panic on the international markets – with Ukraine’s bond yields rising sharply and its hryvnia currency losing a tenth of its value in recent weeks.

U.S. Treasury Secretary Jacob Lew on February 23 pledged support, provided the next government sets off on a course of economic reforms.

Lew made the remarks after meeting with Russian Finance Minister Anton Siluanov on the sidelines of a G20 summit in Sydney, Australia.

Siluanov said in Sydney on February 23 that Russia will decide whether to disburse assistance to Ukraine soon after a new government is formed in Kyiv.

Standard and Poor’s predicted on February 21 that Ukraine would default on $13 billion of debt that is coming due later this year if Russia decides to scrap a $15 billion bailout plan that Moscow had offered to Yanukovych.